On Thursday, August 14th, Scottish Research Society economist Ewen Stewart led a briefing session at the Scottish Parliament, hosted by Murdo Fraser, Scottish Conservative MSP for Mid Scotland and Fife.

In his briefing Stewart outlined the financial and diplomatic costs for an independent Scotland, covering key issues, such as the currency, taxes, employment, trade, public spending, national debt, oil and defence.

Using the Scottish Government’s own figures, he outlined why Alex Salmond’s financial plans for an independent Scotland simply wouldn’t work, in part due to the cyclical nature of the Scottish economy, declining and unpredictable oil revenue, and the exceptionally high proportion on public spending. Ironically, he shows how Salmond’s vague wish-list of aspirations would actually lead an independent Scotland to be far from independent.